Coronavirus: Dubai property prices down 0.9 pct in third quarter, says central bank

Published: Updated:
Enable Read mode
100% Font Size

Dubai property prices fell 0.9 percent year on year in the third quarter after they were little changed in the previous quarter, a UAE central bank report said.

For more coronavirus news, visit our dedicated page.

The coronavirus pandemic has increased pressure on Dubai’s property market, which for years has seen supply outstrip demand for new houses and apartments.

For all the latest headlines follow our Google News channel online or via the app

But the Dubai data showed property prices were stabilizing after a 3.5 percent decline in the first quarter from a year earlier.

Read more:

Dubai property prices are falling to 2010 levels amid coronavirus crisis: S&P

Coronavirus: Realtors say impact on UAE’s property market will be short term

Dubai’s oversupplied property sector to add more new homes in 2020

Citing data from the Dubai Land Department, the central bank said rents in Dubai fell 6.9 percent year on year in the third quarter, continuing their declining trend.

The emirate of Abu Dhabi’s property prices fell 5.5 percent in the third quarter but quarter-on-quarter prices were up 0.9 percent, the central bank said.

Rents in Abu Dhabi declined by 3.9 percent year on year in the third quarter.

The UAE economy is expected to contract by 6 percent in 2020, hit by the COVID-19 pandemic and oil output cuts, but it is projected to rebound to growth of 2.5 percent in 2021, led by non-oil GDP growth, the central bank said.

Top Content Trending